| Contents | Page(s) | ||
| Trustees' | Report | 1-6 | |
| Report of | the Auditors | 7-9 | |
| Statement | of Financial | Activities | 10 |
| Balance Sheet | |||
| Statement | ofCash Flows | 12 | |
| Notes to the accounts | 13 - 16 |
| Expendable | ||||||
|---|---|---|---|---|---|---|
| Discretionary | ||||||
| Unrestricted | Endowment | Total | Total | |||
| Note | funds | funds | 2021 | 2020 | ||
| Income and endowments | ||||||
| Donations received |
||||||
| Investment income |
||||||
| Dividends -equities |
30,378 | 30,378 | 578,714 | |||
| Interest on cash deposits | 317 | 317 | 3,189 | |||
| Total income and endowments | 30,695 | 30,695 | 581,903 | |||
| Expenditure | ||||||
| Costs of raising funds | ||||||
| Investment management |
fees | 3 | (4,463) | (4,463) | (15,509) | |
| Expenditure on charitable |
||||||
| activities | ||||||
| Grants made under the scheme | 4 | (2,138,885) | (2,138,885) | (3,115,255) | ||
| Total expenditure | (2,143,348) | (2,143,348) | (3,130,765) | |||
| Net (expenditure) I income before gains and losses on |
(2,112,653) | (2,112,653) | (2,548,861) | |||
| Investments | ||||||
| Net gains on investments | ||||||
| Realised gains on investments | 5 | 126,473 | 126,473 | 99,810 | ||
| Unrealised gains/ (losses) on investments |
5 | 34,206 | 7,670,057 | 7,704,263 | (8,212,231) | |
| 5 | 160,679 | 7,670,057 | 7,830,736 | (8,112,421) | ||
| Net movement in funds |
(1,951,974) | 7,670,057 | 5,718,083 | (10,661,282) | ||
| Reconciliation offunds |
||||||
| Fund balances brought forward |
2,379,399 | 18,733,464 | 21,112,863 | 31,774, 145 | ||
| Fund balances carried forward | 8 | 427,425 | 26,403,521 | 26,830,946 | 21,112,863 |
| Expendable | |||||||
|---|---|---|---|---|---|---|---|
| Discretionary | |||||||
| Unrestricted | Endowment | Total | Total | ||||
| Note | Funds | Funds | 2021 | 2020 | |||
| f | f | ||||||
| Fixed assets | |||||||
| Investments | 7 | 422,545 | 26,403,521 | 26,826,066 | 21,052,997 | ||
| 422,545 | 26,403,521 | 26,826,066 | 21,052,997 | ||||
| Current assets | |||||||
| Cash at bank: | |||||||
| Current account | 5,410 | ||||||
| Capital account | 5,501 | 5,501 | 56,536 | ||||
| 5,501 | 5,501 | 61,946 | |||||
| Debtors: | |||||||
| Other debtors | |||||||
| Current Liabilities |
|||||||
| Creditors: | |||||||
| Amounts falling |
due | (621) | (621) | (2,080) | |||
| within one year | |||||||
| Net current assets | 4,880 | 4,880 | 59,866 | ||||
| Net assets | 427,425 | 26,403,521 | 26,830,946 | 21,112,863 | |||
| Represented | by: | ||||||
| Expendable endowment |
funds | 8 | 26,403,521 | 26,403,521 | 18,733,464 | ||
| Unrestricted | funds | 8 | 427,425 | 427,425 | 2,379,399 | ||
| Total funds | 427,425 | 26,403,521 | 26,830,946 | 21,112,863 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Reconciliation of net movement |
in funds to net cash | ||||
| flow from operating activities |
|||||
| Net movement in funds |
5,718,083 | (10,661,282) | |||
| Deduct total income shown | in investing | activities | (30,695) | (581,903) | |
| (Gains) I Losses on investments | (7,830,736) | 8,112,421 | |||
| Decrease in debtors |
5,555 | ||||
| (Decrease) / Increase in creditors |
(1,459) | 1,780 | |||
| Net cash used in operating |
activities | (2,144,807) | (3,123,429) | ||
| Cash flows frominvesting | activities: | ||||
| Interest and dividends | 30,695 | 581,903 | |||
| Proceeds from sales of investments | 2,312,235 | 2,208,084 | |||
| Purchase of investments |
(254,568) | (198,480) | |||
| Net cash provided i(used) | by investing | 2,088,362 | 2,591,507 | ||
| Change in cash and cash |
equivalents | in the year | (56,445) | (531,922) | |
| Cash and cash equivalents | brought | forward | 61,946 | 593,868 | |
| Cash and cash equivalents | carried forward | 5,501 | 61,946 |
| 2 | Gross dividends | and interest income | 2021 | 2020 |
|---|---|---|---|---|
| f | F | |||
| Associated British |
Foods pic | 499,308 | ||
| Other listed investments | 30,378 | 79,406 | ||
| Dividends received |
30,378 | 578,714 | ||
| Interest received | 317 | 3,189 | ||
| 30,695 | 581,903 |
| 7 | Fixed Asset investments | Fixed Asset investments | 2021 | 2020 | ||||
|---|---|---|---|---|---|---|---|---|
| 6 | 8 | |||||||
| Opening market value |
21,052,997 | 31,175,022 | ||||||
| Unrealised gains I (losses) |
during | the year | 7,704,263 | (8,212,231) | ||||
| Realised gains during | the year | 126,473 | 99,810 | |||||
| Sales | (2,312,236) | (2,208,084) | ||||||
| Purchases | 254,568 | 198,480 | ||||||
| Closing market value | 26,826,066 | 21,052,997 | ||||||
| Historical cost as at 5 | April | 383,379 | 2,282,981 | |||||
| Unrealised gains based on |
historical cost | 26,422,687 | 18,770,016 | |||||
| Fixed asset investments | comprise listed investments | as | ||||||
| follows: | ||||||||
| 1,077,255 Ordinary shares |
in Associated | British Foods | pic | 26,403,521 | 18,733,464 | |||
| Other listed investments | 422,545 | 2,319,533 | ||||||
| Total value of listed investments | 26,826,066 | 21,052,997 | ||||||
| 8 | Funds | Expendable | ||||||
| Discretionary | ||||||||
| Unrestricted | Endowment | Total | ||||||
| funds | funds | 2021 | ||||||
| 6 | 8 | f | ||||||
| The funds are represented | by the | |||||||
| following assets: | ||||||||
| Fixed assets | 422,545 | 26,403,521 | 26,826,066 | |||||
| Net current assets | 4,880 | 4,880 | ||||||
| 427,425 | 26,403,521 | 26,830,946 |